United States taxpayers who committed tax fraud through the use of tax shelters at Germany's Deutsche Bank have been revealed in an investigation by the Internal Revenue Service (IRS). Other German banks, as well as Deutsche Bank, may also be cooperating with the IRS to identify U.S. taxpayers with undisclosed offshore bank accounts in Germany and worldwide. If you have an undisclosed offshore account, now is the time to act.
Government Authorities representing the IRS introduced the 2012 Offshore Voluntary Disclosure Program to encourage U.S. taxpayers with undisclosed offshore accounts to come into compliance.
Thorn Law Group currently represent United States taxpayers who are making voluntary disclosures of their offshore accounts.
Terms of the 2012 IRS Amnesty Initiative highlights:
- A 27.5 percent penalty of the undisclosed offshore accounts based on the highest total account balances over an eight-year period of each account.
- Taxpayers must pay back interest and taxes on any unreported income for up to eight years, as well as delinquency and/or accuracy related penalties.
- Taxpayers must file all amended and original tax returns, as well as include payments for taxes, interest, and accuracy related penalties.
Taxpayers who successfully complete the 2012 IRS Offshore Voluntary Disclosure Program will avoid severe civil penalties and criminal prosecution.
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